The traditional banks are appointing “Chief Innovation Officers” to copy existing products produced by startups. But analysts worry that they’re doing it wrong, since the startup model of “iterate fast” and MVPs isn’t suited to financial corporations. This column suggests more effective ways for banks to innovate:

Seth Klarman is the Warren Buffett you’ve never heard of, and he’s worried about a Trump presidency on the markets. In particular, the longer-term effects of protectionism and inflation, which investors haven’t priced in while the S&P has rallied over the past 3 months.